As the business cycle evolves, there usually comes a time when the owner of the practice seeks further input and advice to complement the support they’re receiving from their business coach. This is where an advisory board fits.
A board of advice is a collection of individuals who bring unique knowledge and skills that complement those of the principal/s and key stakeholders of the advisory business. Its purpose is to provide strategic input and direction to the business.
While it holds no fiduciary duty and has no formal authority to govern the organization per se, it can serve to make recommendations and/or provide key information and materials to the principal/s and senior management.
WHAT WILL YOU RECEIVE?
As the business owner you will have the comfort of knowing that you have a facility (your personal board of advice) which will provide you with independent thought and challenge.
Business Health will work with you to structure the board that best suits your specific situation – including prospective members (we’ll even interview them with you if you prefer), its overriding charter and purpose and the various important logistics which will ensure its smooth operation (such as meeting frequency, participants’ remuneration agenda and ensuing meetings).
If invited, we’ll also give consideration to participating as a board member.
WHY GO TO THE EFFORT?
Ask any successful business owner how they go about ensuring their business remains relevant, up to the challenges of the day while maintaining its profitability level and we’d be surprised if they didn’t mention receiving objective and independent input on a regular basis. And for the larger sized practices this is being invariably achieved through their own board of advice.
Is it time for you to consider your own board of advice?